What do you mean by Existing Controls?

Measures already in place to mitigate risks.

What is a Risk Appetite?

Risk tolerance of an organization in pursuing its objectives.

What are the benefits of doing a Business Impact Analysis and Business Risk Assessment (BRA) in business continuity?

Identifies critical business processes and potential risks.

What is the difference between Inherent Risk and Residual Risk?

Inherent risk is pre-control, residual is post-control.

What is a Single Point of Failure (SPOF)?

A component or process whose failure would cause a complete system outage.

What are the types of Risk Treatment Strategies?

Avoid, Reduce, Transfer, Accept

A situation involving exposure to danger or uncertainty.

Is Enterprise Risk and BC (Business Continuity) Risk the same?

ERM covers all risks; BCR focuses on disruptions

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TMF_Risk Assessment Workshop

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Questions 8

Answers

1
What do you mean by Existing Controls?
Measures already in place to mitigate risks.
Future security improvements planned by an organization.
A list of risks with no mitigation actions.
Controls that eliminate all risks completely.
2
What is a Risk Appetite?
Risk tolerance of an organization in pursuing its objectives.
The process of eliminating all risks.
The financial cost of risk mitigation strategies.
The total number of risks an organization faces.
3
What are the benefits of doing a Business Impact Analysis and Business Risk Assessment (BRA) in business continuity?
Reduces all financial risks to zero.
Identifies critical business processes and potential risks.
Eliminates the need for a business continuity plan.
Ensures that risks will never occur.
4
What is the difference between Inherent Risk and Residual Risk?
Inherent risk is pre-control, residual is post-control.
Inherent = cybersecurity, residual = financial.
Inherent = accepted, residual = eliminated.
Inherent risk = post-controls, residual = pre-assessment.
5
What is a Single Point of Failure (SPOF)?
A backup system designed to prevent downtime.
A risk management strategy.
A part of an organization's financial department.
A component or process whose failure would cause a complete system outage.
6
What are the types of Risk Treatment Strategies?
Prevent, Delay, Ignore, Terminate
Accept, Eliminate, Deny, Increase
Mitigate, Erase, Expand, Ignore
Avoid, Reduce, Transfer, Accept
7
What is a Risk?
A guaranteed loss with no chance of recovery.
A security control that prevents all threats.
A situation involving exposure to danger or uncertainty.
A type of insurance policy for businesses.
8
Is Enterprise Risk and BC (Business Continuity) Risk the same?
ERM covers all risks; BCR focuses on disruptions
No, BC Risk is only relevant for small businesses.
Yes, both involve cybersecurity threats only
Yes, both focus only on financial losses.

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